Payday Loan Reform News – August 13

Highlights

Mulvaney Looks Weaken Oversight of Military LendingAugust 10, The New York TimesThe Trump administration is planning to suspend routine examinations of lenders for violations of the Military Lending Act, which was devised to protect military service members and their families from financial fraud, predatory loans and credit card gouging, according to internal agency documents.

Study Shows the Worst States for Payday Loan BorrowersAugust 9, lendeduPayday loans often carry interest charges 20 times greater than the average credit card, but it hasn’t stopped Americans from using them. And depending on the state, some will charge you more interest than others.

For now, lenders still on the hook under CFPB August 2019 payday ruleAugust 8, JDSUPRAAs it stands, lenders are on the hook to comply with the payday rule beginning August 2019. The rule prohibits lenders from making short-term and longer-term balloon payment loans, including payday and vehicle title loans, without reasonably determining that consumers have the ability to repay the loans according to their terms.

Senator Nelson signs bill to prevent lenders from ripping off service membersAugust 7, WJHGHe told a group of local veterans he signed a bill to keep lenders from charging more than 24 percent interest for most loans.If it passes, the bill would also crack down on debt collectors making harassing phone calls to a service member’s commanding officer and offer more protection toward those who have been discharged from active duty for up to one year through the Military Lending Act.

Consumers still want financial regulationAugust 7, The Philadelphia TribuneA decade ago, the entire nation suffered through a financial crisis that led to the brink of a global financial collapse. A new poll finds that even with the passage of a decade, consumers still support financial regulation and related enforcement. Moreover, when it comes to payday and car-title lending, consumer scorn has grown even stronger over the past year for these small-dollar, debt-trap loans that come with triple-digit interest rates.More Coverage:CFPB; New National Poll Finds Consumers Still Want Financial Regulation | Thy Black Man